10 Smart Steps For Effective Daily Stock Trading Routine
10 Smart Steps For Effective Daily Stock Trading Routine
Routine is very important in personal as well as in professional life because without it you cant achieve results you want and in trading that may be in equity or FNO or currencies or derivatives or delivery or banknifty or nifty50 anything daily trading routine is must and It will make you think better, set proper targets, predicts the levels and good strategies. it helps to analyse your work and balance your personal and professional life as much well as possible.
If you want the best results from trading then you should follow a good routine by making one yourself by study or following any common good one. Doesn't matter your are new one or experienced one routine is routine and surely will have positive impact on your work. Know one thing that is people who are successful in their work has been following a good routine daily and that matters most in their successful work .
What you will learn :- What is routine
- Its Importance and meaning
- Positive Impact on trading
- How to set it easily as per your needs and requirements.
What is a routine
It is series of habit and task followed one by one and linked to each other. which is set for daily work and to follow every day to achieve set results.
Steps For Trader's Daily Routine
Below are important things you should consider to set your trading routine to make trading better and effective :
1. Get Up Early
Getting up early in the morning is daily habit and all people knows it but it has many advantages on trading if you take it seriously and as you are a trader then you should have to wake up early in the morning because market runs from morning to afternoon from 9 to 3.30pm (Indian stock exchange)
Get up early so most of your tasks done in morning or you can do and that will help you to work good for whole trading hours. If don't wake up early so it will disturb you and your brains. it can't be prepare in hurry for trading so you should be ready 1 to 1.5 hours before market is open.
If you do exercise then it's best because it all creates health as well as wealth for you because of exercise your brain efficiency will get increase and help you in trading to take good decision and also during whole day.
The best known simple exercise is walking.
Take a half to 1 km walk. because walking makes your brain to think and work fast and generate good ideas.
Indian market pre-opens at 9.00am and opens at 9.15am so based on this you should be get up at 6 or 7 am and should be ready till 8.00am and you will be ready for trading in next hour for whole day trades.
In first half hour you observe the market and decide to take positions based on last hour preparation.
2. Do Study And Revise Data
Now you are ready at 8.am so take a look of you last day trading sessions performance and seriously looks the candle stick graphs of the shortlisted stock from your list for past day performance at once.
If you are trading based on patterns or robo adviser(software) or with specific technique or methods then study that also and make your today's strategy.
This is much important hour and you are going to make your days strategy and plan in it. so carefully watch the graphs and take short notes on what you think about it and your previous day strategy. then further first half hours also defines how effective it is or not so you should consider it because it also depends on how market is going to open (positive /negative) for this work you have to ready and done this yourself.
Or even your are following anyone's tips and ideas then also you should study things yourself before taking any trade.
3. Focus On Trading Work
Before and during market hours try to fully focus on trading and to hit your daily targets but with calculated risk because this is market and all things are not in your control or going as per your plan may be you need to change your decisions or plans to make profit or reduce loss or to take new positions so to do this fast and act you should not be disturb yourself by any way so you will get good results in trading. Because trading is not like other normal jobs here you have to act as per current market otherwise ready to lose your money.
Even you are trading in FNO/ currencies/ commodities intraday positions then also you have to predict the market or positions and for that you have to be prepared.
Trading is your daily job so be serious about it and get involve in it and try to do it properly and effectively to hit the daily targets to achieve monthly goal .
Don't disturb yourself by any way or best way to keep yourself away from any distractions because this is trading if you are effective then the results are effective.
4. Set Up Your Work Table
This is very good thing to fix your working place and set it well so it will inspire you and you can easily focus on your work immediately. May be your trading from Mobile , Tab or computer doesn't matter you must fix your Woking pace and it should be well arranged. Like not having clutter, only needed things like your notebook, few , good Reading books, rough book, basic tools,graphs and papers with computers screens and accessories.
Like a well arranged and clean set working table make you feel fresh, attract your mind towards work and don't let disturb you and this is good sign of working like professional even you are a new trader and don't have experience.
5. Follow Healthy Ways
As you are sitting in front of computer or mobile for 7-8 hours and in trading you know that you need the watch graph continuously and carefully so it affects your eyes and may be it will reduce your eyes ability to see more clearly and chances are high to get glasses and that is for long time. this is not good as your are going to sit continuously so it can also create health problem for your body specially for feet and back.
Try to sit properly whole day and set your table near the window so you will get sufficient natural light easily if possible or balance between natural and artificial lighting system to get enough light while working so it won't affects your eyes much.
Tip : Try to keep balance between both so you keep away from health problems because most of time health problem happens because of wrong routine and working style.
6. Take Short Notes
After market is closed Close your eyers and sit silently on your place for few minutes and then slowly start writing your trading sessions in notebooks or on your computers/mobile notepad in details but briefly like which will easy to understand for you later. so write it properly and clean because that is important you need it later to study.
This you can do after 3.30pm to 4.00 pm and then can leave your trading job place.
Do this immediately otherwise you will lose the thought or ideas or a one good trick which you got during any trading sessions which will help you in next trading.
You think this is boaring but you are a trader and small information is very important to make trading more better and earn good profits.
After one week you will realise your are doing good or bad, right or wrong. your trading is improving day by day and the result of this is your profit is also increasing and which is surly not accidentally because of a task of your routine.
7. Take A Wise Break
Now market has closed and you have taken your short notes so take a break and do something good like which will help you to relax your brain and make it ready for next incoming tasks or works. The meaning of saying is do something like which relax your brain but same time inspires you, energize you, makes you feel fresh and get you out entirely from that green and red spikes and profits and then you will read to do next task very well with focus..... right!
8. Study Trading Sessions
This is vital part of your trading routine and you have to study your trading sessions because it will help to prepare for next day, how many mistakes you did, how much your strategy and prediction worked and what profit you earned, the target hit or not. What you learned from this sessions study this things carefully and alternately make your strategy, set dangerous zones, pin your brain for full risky zone, book mark new things graphs and patterns for next day and you see that is become more effective because of constant study and improvements and your practical knowledge.
Studying sessions again and again get you new information and problems if you see it and read it differently so do it don't skip.
9. Read,Watch,Think
Every day read as much as possible because information is food to your brain and if you read different kind of books like finance or trading or biography or fiction so it will inspire you and push your brain to think, you will get good ideas meas techniques for your trading and prediction for example nifty levels for future and option or for support levels or if you are trading in currencies or commodities lots of information there in reading will help you to think properly in all direction and take good decision in trading.
Thinking is very important after reading because it will fill your gaps between two different things which are related to each other but you dont umderstand without thinking it differently with a good solution and if you link them together then it becomes the new strategy for your next tradings.
Watch and read news but wisely because it can affects market and prices so you can take the advantage of it in both forward and reverse market condition and this is job of trader right.
Reading every day is important and including it in routine is very good trick because you are not going to read often anything related to trading and finance. So make it part of your routine and learn new things related to trading and apply them while and make your trading more sure.
10. Be Relaxed and Calm Down Brain
Everyday is not going to same so some time you fail and some time pass. Your job is try to pass every time in trading means hit the target everyday but if you don't hit then keep in mind it but don't take tension or be stressful because you have loss its ok its part of trading results. you will hit the target next day also you will recover your loss. keep calm, be relaxed and keep hopes because disturbed and unsatisfied mind only makes mistakes and results is losses and that is not good in trading.
Trading is your job that doest mean one side you earn profit and other side indirectly you lose down your health and disturb your inner home environment because of loss and unexpected result ok. So try to keep this in mind always.
Conclusion
According to above and some observation now your ideal trading routine would have be
(Monday to Friday 9:30-3.30):
- 7.00: Wake up
- 7.8: Be ready do exercise and walk.
- 8-9: Study Trade setup before market open
- 9-9.30: Observation
- 9.30-3.30: Trading
- 3.30-4: Short notes
- 4-5: Break and relax
- 5-7: Read watch and study
- 7-9: Quality time (optional)
- 9-10: Dinner and walk
- 10-11: Day analysis,
- 11-7: Sleep
Market is open for 5 days in week so you can analyse your week trading performance at saturday and can take holiday at sunday or can be do it reverse as per your mind. so one week performance prepare and leads you to next week better performance and next one is to comming week. this gradually builts your chain of habit and task in series for everyday day trade.
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